FIRST Choice is taking further strides away from
mainstream short-haul tour operating with a restructure and new corporate logo
designed to reflect its shift to specialist and high-margin products.
Chief executive Peter Long was bullish about the
company’s future as the group revealed its half-year results. He claimed
reduced losses during the typically loss-making winter season reflected the
benefits of First Choice’s strategy to offer a broad range of products.
“We have never been in better shape,” he said. “We’re
financially strong and we can exploit the opportunities we see in the
marketplace.”
The company last week announced reduced losses for the
first six months to April 30, crediting its foothold in the adventure,
specialist and medium and long-haul sectors. Pre-tax losses were £50.9 million,
an 8% improvement from £55.1 million in 2003. Turnover was up 3% to £776.2
million.
The new structure of four sectors – mainstream,
specialist, activity and online destination services – is designed to re-focus
management on specific
“substantial growth areas” and streamline costs.
Accounting standards also state figures must be
reported in the same way as they are managed internally.
The new logo is designed to separate the plc business
from the mainstream operation, but will not be used as a consumer-facing brand
in the UK. The two heads in the image – one looking inward and one looking
outward – are meant to represent insight.
Long said the logo demonstrated a focus on meeting the
needs of customers, “as opposed to manufacturing holidays we think our clients
want”.
Mainstream online bookings
increased by 100% in the first half and the growth is expected to continue,
said Long, while its retail sector is on target to break even after delivering
a full-year loss last year. Island Cruises is also expected to break even this
year, after reducing winter losses by 62% to £1.3 million.